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How Much Should an Injury Settlement Offer Be for in Florida?

on  Personal Injury

Suppose you have been injured because of someone else’s negligence – you deserve to be compensated for your financial losses, pain, and suffering. Two ways to recover your damages are through an insurance settlement or a personal injury lawsuit. A common question people have is, “How much should my injury settlement offer be?” While the exact answer varies, it should be enough to make you “whole” again by paying for anything you paid or any losses you suffered because of the accident. Unfortunately, the damages the defendant pays through a settlement are not always high enough. Prosper Shaked is a Miami personal injury attorney who works tirelessly for injured victims. Below, we review what an offer should be and how you might receive more through a trial.

Why Are Insurance Settlement Offers Made After a Serious Injury in Florida?

An insurance company might offer an injured individual a settlement to discourage contacting an attorney or filing a personal injury lawsuit in Florida. Many people feel compelled to accept an offer, despite not knowing whether it is fair or not. Sometimes the thought of a quick check is more appealing than a lengthy legal proceeding.

While it might seem an easier and simpler solution at the moment, hastily agreeing to a settlement offer might not be as beneficial as it appears. If the amount is not sufficient to cover all your medical expenses or your financial losses, a settlement could result in additional economic hardship. Once you have accepted an offer, you are typically prohibited from seeking further damages, no matter what medical complications occur. You should always speak with our personal injury attorney before accepting a settlement offer.

Can I Get More Money Through a Florida Personal Injury Lawsuit or an Insurance Settlement Offer?

To know whether an insurance settlement offer is enough, you need to know how much your claim is worth. There are two primary factors used to determine the value of your claim. First is the economic harm you suffered, including your medical bills, lost income, and any property damage. You are also entitled to be compensated for your emotional and mental anguish. Pain and suffering damages are much more challenging to calculate. Our personal injury attorney is determined to get you as much compensation as possible, through a settlement or a lawsuit.

An insurance company will calculate your claim similarly. First, your financial losses will be considered. In most cases, a calculation of your future lost income, or potential medical complications will be estimated at a very conservative rate. If an insurance company factors in pain and suffering, it will be through a simple formula and not reflect the actual harm you endured.

They will also consider the cost of defending the claim in a personal injury lawsuit. A swift settlement offer is often an indication that the insurance provider believes it does not have a strong defense. In many situations, a settlement will be offered if you have retained aggressive legal representation, such as a personal injury lawyer like Prosper Shaked.

Increasing the Value of a Personal Injury Settlement Offer in Florida

As stated above, you cannot know if a settlement offer is enough without knowing the amount of compensation you need. Our personal injury attorney will thoroughly calculate and document your financial losses associated with your injury. This is critical information for both settlement negotiations and preparing a lawsuit.

The first step should be obvious: collect all your bills and receipts from any medical appointments or treatments. This includes co-pays, deductibles, medication, and even parking fees for a medical appointment. Our office might also use medical experts and your doctor’s testimony to determine what future care and expenses will be required.

Next, if you were out of work, our office will use your pay stubs to calculate your lost wages. Furthermore, if you will be unable to work for some time or are unable to perform your employment duties going forward, we will calculate your future lost earnings.

Pain and suffering usually make up a significant portion of a personal injury award. While an insurance company might use a formula to determine a figure, our personal injury attorney will thoroughly examine how the injury affected you. To quantify pain and suffering, our office will factor in your level of pain, anxiety, depression, and your inability to engage in life in the same way you could before the injury. An insurance settlement offer never provides adequate compensation for the emotional harm you suffered.

How Strong is My Florida Personal Injury Case? Should I Settle?

Prosper Shaked has a legal obligation and is committed to doing what is best for you when preparing a lawsuit. Knowing the value of your claim is essential in evaluating an insurance settlement. However, you also need to know if you can prevail in court. While no legal action is guaranteed, our law office will provide you with your realistic chances of success. In many cases, just making an insurance company defend a lawsuit will result in a significantly higher offer. However, if we believe your case is not strong enough, we will advise aggressively negotiating a settlement offer. In the end, our law office is committed to getting you the most compensation possible.

If You Have a Question About a Personal Injury Settlement Offer or Case in Florida, Contact Us Today

When you suffer a severe injury, it could change your life forever. From substantial medical expenses to lost income, you will be facing more hardships than just physical recovery. Any monetary compensation might appear necessary to start putting the pieces back together. However, if you do not know what your injury is worth, you cannot make an informed decision regarding an insurance settlement offer. An injury settlement offer should make your whole. Many times, it requires the assistance of our experienced Miami personal injury attorney to get the most money possible. For a free consultation to review your settlement offer and how to increase it, call Prosper Shaked Accident Injury Attorneys PA at (305) 694-2676.